Low Rate Mortgages - Mobile Alabama, Low Rate Home Loans, Mobile Alabama

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How to buy a foreclosed home, there are bargains to be had, but there are also plenty of pitfalls awaiting anyone brave enough to wade into real estate's maelstrom. Here's what to consider.

There are certainly plenty of foreclosed homes on the market. Fannie Mae CEO Daniel Mudd said that the company is pushing hard to sell more foreclosed properties, to get them off the books. "I don't think this is a time to be holding onto REOs and hoping for a better day," he said.

Steve Dexter, author of "Prospering in the Rising Wave of Foreclosures," has bought dozens of foreclosed homes and thinks now is a good time to dive in. The book quotes "It's the best way to buy, and it's time to buy again,"

There are three different stages of foreclosure, each of which presents different opportunities for buyers. The first step is to figure out which one makes the most sense for you.

Pre-foreclosure A home goes into pre-foreclosure when a borrower has fallen behind on his payments, but the house has yet to be auctioned off. ( very hard due to the fact of finding them and the short window of time which you have to work with )

Sheriffs' sales In the next stage of foreclosure, homes in default are auctioned off on the county courthouse steps. These homes can be real bargains, ( but the process is a crap shoot.) This is where professional investors buy a lot of properties, this not a good place for a novice investor.

Post-foreclosure After a lender takes back a house, the property goes back on the market as what's called an REO (real estate owned) property. These are treated like ordinary sales, listed with a broker.

Bank-owned properties offer the safest deal for inexperienced foreclosure buyers, There are no taxes, no liens, no tenants to evict." A lender that's eager to sell might be willing to offer attractive term.

The lender might offer to finance the property at a below-market rate or with a lower-than-usual down payment. Because the bank already has done an appraisal, the buyer might not have to pay an appraisal fee. And lender deals typically include title insurance, which removes much of the risk that accompanies buying homes earlier in the foreclosure process.

If you think you want to buy a HUD home, you need to contact a real estate sales professional in your area who is authorized to sell HUD homes (most are). Your sales professional will submit a bid for you.

The biggest risk with a foreclosure is poor physical condition of the property. It is absolutely imperative that you uncover its actual state before making the purchase.

The only survivor of a shipwreck was washed up on a small, uninhabited island. He prayed feverishly to be rescued, and every day he scanned the horizon for help, but none seemed forthcoming.

Exhausted, he eventually managed to build a little hut out of driftwood to protect him from the elements, and to store his few possessions.

But then one day, after scavenging for food, he arrived home to find his little hut in flames, the smoke rolling up to the sky. The worst had happened; everything was lost. He was stunned, with grief and anger he cried out in discouragement what else can go wrong in my life !

Early the next day, however, he was awakened by the sound of a ship that was approaching the island. It had come to rescue him. "How did you know I was here?" asked the weary man of his rescuers. "We saw your smoke signal," they replied.

It is easy to get discouraged in the midst of pain and suffering and when things look like they are continuing to go bad. Don't lose heart. Just remember, next time your little hut is burning to the ground it just may be a smoke signal you need.

Have a blessed and successful day !

www.GCHouses.com

Mobile Alabama, has a Lot of New Homes that will qualify !

For many the mention of USDA conjures up thoughts of farmers, ranchers, and regulations related to the safety of meat, poultry, and egg products.

In fact, more and more Americans are taking advantage of USDA's programs. One of the housing programs gaining popularity is the USDA Guaranteed Rural Development Loan, a program with unique benefits to assist individuals and families acquire homes.

The program is truly remarkable and creates special opportunities for: Home Buyers

Flexible Credit Criteria

Many loan programs only have automated computer underwriting systems driven heavily by credit scores. However, the Rural Development Loan allows for manual underwriting.

Manual underwriting allows us to consider the personal circumstances of each borrower and make good common-sense decisions regarding those who have demonstrated the ability to manage their financial affairs in a responsible manner. This is particularly helpful when a borrower has lagging credit scores despite a sustained recovery from past difficulties.

No Credit History

A lack of credit history reflected on a credit report is not a problem with the Rural Development Loan. We simply document the applicant�s willingness to pay debts through third-party verification, copies of canceled checks, or other acceptable documentation for recurring payments or monthly obligations such as rent, utility, phone, and bills.

Income Guidelines

Borrowers participating in the Rural Development Program may have an income of up to 115% of the median income for the area. The allowable income depends on the county where the subject property is located and the number of members in the household. For more information regarding the income limits for this program, visit the income guidelines page on USDA Rural Development web site.

Find the county or metropolitan statistical area (MSA) listed vertically on the chart for the subject property and the number of household members listed horizontally to find the gross income allowance. (There are two income lines for each county or MSA. The top line applies USDA's Direct housing program and the bottom line to USDA's Guaranteed housing program at the bottom. Use the bottom line.)

Common adjustments to the gross income include childcare for children 12 years and younger; a $480 deduction for each child under 18 years, 18 years or older and handicapped, or a full-time student who is not the applicant or spouse or co-applicant; and a $400 deduction for each elderly household member.

1. Are you a full-time professional real estate agent?
   Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion.
2. Do you have a personal assistant, team or staff to handle different parts of the purchase? What are their names and how will each of them help me in my transaction? How do I communicate with them?
   It is not uncommon for agents who sell a lot of houses to hire people to work with them. As their businesses grow, they must be able to deliver the same or higher quality service to more people.
   You may want to know who on the team will take part in your transaction, and what role each person will play. You may even want to meet the other team members before you decide to work with the team. If you have a question about fees on your closing statement, who would handle that? Who will show up to your closing?
3. Do you have a Website that will list my home? Can I have your URL address? Who responds to emails and how quickly? What's your email address?
   Many buyers prefer to search online for homes because it's available 24 hours a day and can be done at home. So you want to make sure your home is listed online, either on the agent's Website or on their company's site. By searching your agent's Website you will get a clear picture of how much information is available online.
4. How will you keep in contact with me during the selling process, and how often?
   Some agents may email, fax or call you daily to tell you that visitors have toured your home, while others will keep in touch weekly. Asking this question can help you to reconcile your needs with your agent's systems.
5. What do you do that other agents don't that ensures I'm getting top dollar for my home? What is your average market time versus other agents' average market time?
   Marketing skills are learned, and sometimes a real estate professional's unique method of research and delivery make the difference between whether or not a home sells quickly. For example, an agent might research the demographics of your neighborhood and present you a target market list for direct marketing purposes.

Interviewing an agent can be similar to interviewing someone to work in your office. Contacting references can be a reliable way for you to understand how he or she works, and whether or not this style is compatible with your own.

1. Do you have a performance guarantee? If I am not satisfied with your performance, can I terminate our listing agreement?
   In the heavily regulated world of real estate, it can be difficult for an agent to offer a performance guarantee. If your agent does not have a guarantee, it does not mean they are not committed to high standards. Typically, he or she will verbally outline what you can expect from their performance: the agent does not benefit if the client does not also benefit.
2. How will you get paid? How are your fees structured? May I have that in writing?
   In many areas, the seller pays all agent commissions. Sometimes, agents will have other small fees, such as administrative or special service fees, that are charged to clients, regardless of whether they are buying or selling. Be aware of the big picture before you sign any agreements. Ask for an estimate of costs from any agent you contemplate employing.
3. How would you develop pricing strategies for our home?
   Although location and condition affect the selling process, price is the primary factor in determining if a home sells quickly, or at all. Access to current property information is essential, and sometimes a pre-appraisal will help. Ask your agent how they created the market analysis, and whether your agent included For Sale by Owner homes, foreclosed homes and bank-owned sales in that list.
4. What will you do to sell my home? Who determines where and when my home is marketed/ promoted? Who pays for your advertising?
   Ask your real estate agent to present to you a clear plan of marketing.

The best Realtors know how to work in a changing market.

I dialed a number and got the following recording:

"I am not available right now, but Thank you for caring enough to call. I am making some changes in my life. Please leave a message after the Beep. If I do not return your call, You are one of the changes."

Perhaps the most relentless enemy of achievement, personal growth, and success is inflexibility.

Top Ten Strategies for Dealing with a Dead Horse,

1. Buy a stronger whip.
2. Change riders
3. Appoint a committee to study the horse.
4. Appoint a team to revive the horse.
5. Send out a memo declaring the horse isn't really dead.
6. Hire an expensive consultant to find "the real problem."
7. Harness several dead horses together for increased speed and efficiency.
8. Rewrite the standard definition of live horse.
9. Declare the horse to be better, faster, and cheaper when dead.
10. Promote the dead horse to a supervisory position.

I bet you've seen just about every one of these "solutions" enacted in the workplace.

But there's really only one effective way to deal with that problem; when your horse is dead, for goodness' sake, dismount.

You don't have to love change to be successful, but you need to be willing to accept it.

Have successful and blessed day